CBS Sports and Turner air the games on CBS, TBS, truTV and TNT. That configuration won't change with the extension. But extending the contract now prevents competitors, like ESPN, from getting its hands on the tournament, which generates revenue for both companies on multiple platforms.

The extension, like the current deal, will have the national championship game alternating between CBS and TBS, which aired the recent Villanova-North Carolina matchup.

In a statement, Turner Sports boss David Levy said: "Our partnership with CBS and the NCAA has exceeded all of our expectations. This new long-term agreement continues to align Turner with one of the premier sports properties that generates unrivaled fan engagement for more than three weeks every year."